Several South Korean healthtech startups that offer artificial intelligence (AI)-based imaging solutions are increasingly partnering with domestic and international multinationals to meet the growing demand in hospitals. Against this backdrop, South Korea diagnostic imaging market is expected to grow at a compound annual growth rate of approximately 5% between 2023 and 2030, forecasts GlobalData, a leading data and analytics company.
Damini Goyal, Medical Devices Analyst at GlobalData, comments: “Integrating AI and machine learning techniques into medical diagnostics will enable better and faster diagnoses, thereby accelerate the nation’s healthcare AI ecosystem. Rise in demand for high-precision equipment in military hospitals and accelerated approval policies are expanding South Korea’s innovation and foreign attractiveness potential.”
Under the Armed Forces Medical System AI Transformation project, military collaborations with companies offering AI-powered medical devices have demonstrated advanced patient care in military settings, where there is a shortage of diagnostic specialists, therefore increasing the demand.
Recent collaborations between companies demonstrate the growing demand for AI-powered diagnostics in healthcare. Lunit Inc recently partnered with military hospitals and the UAE’s largest healthcare network to provide AI-based X-ray and mammography analysis products to over 1000 hospitals.
Canadian tech firms such as Verto Inc. plans to partner with Korea’s AI-based companies for hospital automation. Vuno Inc’s Med-BoneAge, an AI-based bone age reading support solution, has received medical device approval from the Taiwan Food and Drug Administration. Deepnoid, Inc recently announced plans to bring the Deep AI series of radiology solutions to frontline military forces.
Goyal concludes: “Strong computing infrastructure and biological research strengths will attract more foreign companies in future. In addition, the adoption of technology with growing demand for precise and improved patient care will enhance the market share of domestic companies.”
